Breaking News

Effective August 16, First Interstate BancSystem (FIBK), parent company of First Interstate Bank, has completed its acquisition of Northwest Bancorporation (NBCT), parent company of Inland Northwest Bank, First Interstate announced. In accordance with the definitive agreement, approximately 3.9 million shares of First Interstate Class A common stock were issued. First Interstate expects the transaction to be immediately accretive to earnings per share. The data processing conversion and merger of the two banks is scheduled to begin following the close of business on November 9, 2018. On November 13, INB will officially become First Interstate Bank; both INB and First Interstate Bank will be closed on November 12 in observance of Veterans Day. Until then, INB and First Interstate Bank will operate as two separate banking subsidiaries of First Interstate BancSystem.

First Interstate BancSystem and Northwest Bancorporation announced that Northwest's shareholders have approved the proposed merger of Northwest with and into First Interstate at a special meeting of Northwest shareholders on August 14, 2018. All approvals necessary to complete the merger, including all regulatory approvals, have been received. The merger is expected to close on August 16, 2018, subject to satisfaction of customary closing conditions. As previously announced, upon completion of the merger, Northwest shareholders will be entitled to receive 0.516 shares of First Interstate Class A common stock for each share of Northwest common stock they hold. The shares received by Northwest shareholders are expected to qualify as a tax-free exchange.